Written by John McFarland of the Oil and Gas Lawyer Blog.
The price downturn has finally pushed exploration companies to resort to bankruptcy. According to The Dune, the following companies have filed for bankruptcy protection:
RAAM Global Energy
Endeavour International Corp.
Quicksilver Resources Inc.
Sabine Oil & Gas Corp.
Hercules Offshore Inc.
Cal Dive International Inc.
Dune Energy Inc.
BPZ Resources Inc.
ERG Intermediate Holdings LLC
American Eagle Energy Corp.
Saratoga Resources Inc.
Milagro Oil & Gas Inc.
Miller Energy Resources Inc.
The Dune says that the following companies may soon follow:
Vantage Drilling Co.
U.S. Shale Solutions Inc.
Paragon Offshore plc
Midstates Petroleum Co.
Swift Energy Co.
Venoco Inc.
Energy XXI Ltd.
Magnum Hunter Resources Corp.
Royalty owners should watch for bankruptcy notices and get legal counsel on whether claims for unpaid royalties should be filed.
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